Porsche 2011 Annual Report Download - page 157

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1 Accounted for at equity
Accounting policies
The assets and liabilities of Porsche SE and the fully consolidated German and foreign subsidiaries
included are accounted for using uniform accounting policies applicable within the Porsche SE group. The same
accounting policies are also used at the level of the associates and joint ventures of Porsche SE. Where
necessary, adjustments are made. Generally, the comparative information for the fiscal year 2011 is based on
the same accounting policies as for SFY 2010.
Since the contributions to profit or loss made by the investments accounted for at equity have a
significant impact on the net assets and results of operations of the Porsche SE group, those accounting
policies applicable at the Porsche SE group only within the Porsche Zwischenholding GmbH group and the
Volkswagen group are also included in the explanations below.
With the exception of certain items, such as investments accounted for at equity or derivative financial
instruments, the consolidated financial statements are prepared using the historical cost principle. The
measurement principles used are described below in detail.
Income statement
Average rate
Porsche SE group VW group1 Porsche SE group VW group1
and Porsche
Zwischenholding
GmbH group1
and Porsche
Zwischenholding
GmbH group1
1€= 2011 2011 SFY 2010 SFY 2010
Argentina ARS N/A 5.7449 N/A 5.2420
Australia AUD 1.3475 1.3484 1.3900 1.4024
Brazil BRL 2.3253 2.3265 N/A 2.2821
Canada CAD 1.3758 1.3761 1.3643 1.3593
China CNY 8.9978 8.9960 N/A 8.8933
Czech Republic CZK 24.5586 24.5898 24.7331 24.8538
India INR N/A 64.8859 N/A 60.4644
Japan JPY 111.0040 110.9586 111.4699 111.4154
Mexico MXN 17.2770 17.2877 N/A 16.6777
Poland PLN N/A 4.1206 N/A 3.9873
Republic of Korea KRW 1,539.7686 1,541.2341 N/A 1,532.7589
Russia RUB 40.8725 40.8846 40.9063 40.6333
South Africa ZAR 10.0814 10.0970 N/A 9.4235
Sweden SEK N/A 9.0298 N/A 9.2988
United Kingdom GBP 0.8677 0.8679 0.8484 0.8465
USA USD 1.3921 1.3920 1.3350 1.3252
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